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Nigeria records rise in non-oil export [SEE DETAILS HERE]

Nigeria has
recorded a significant rise in its non-oil export, with agricultural goods increasing
the country’s foreign exchange earnings, Owojela’s Blog reports.

The National
Bureau of Statistics (NBS) recently reported that Nigeria recorded an export
rise of 73.5 per cent in the second quarter (Q2) of this year compared to the
same quarter last year.

Experts have
attributed the rise to the diversification efforts of the Federal Government,
with particular emphasis on non-oil exports.

Speaking on
the development, the Executive Director/CEO of the Nigerian Export Promotion
Council (NEPC), Mr Olusegun Awolowo, said he is pleased with the positive trade
balance recorded in the second quarter of this year, which is as a result of
increase in exports.

Other
manufactured goods that showed good export outing were cement exported to Niger
and Chad Republics; cocoa beans and its derivatives to several countries.

He said
although oil continues to dominate exports with crude accounting for 42.57 per
cent and other oil products 21.86 per cent, the future of the economy is beyond
oil as clearly laid out in the ‘Zero Oil Agenda’ which is central in the
Nigerian Economic Recovery and Growth Plan (NERGP).

“As observed
from the report, there are remarkable increases in volumes and value in other
sectors signifying efforts at diversifying the economy through a deliberate
plan. Hence, raw materials, agriculture, solid minerals and manufactured goods
are witnessing Year-on-Year growth,” he said.

Businesses
in the non-oil sector have benefited from the Federal Government’s initiatives
and efforts. For instance, Trade Promotion and Facilitation activities of NEPC
over the last three years working in partnership with USAID NEXTT and the
cashew sector opened up new market for cashew with Vietnam.

Mr Awolowo
said the lifting of the suspension of the Export Expansion Grant (EEG) and the
re-activation of the Export Development Fund (EDF), will further stimulate the
growth of the non-oil export sector, thereby increasing the sector’s
contribution to the nation’s GDP.

An economist
and current Head, Department of Banking and Finance, Nasarawa State University,
Keffi Dr. Uche Uwaleke, told a Media Outlet that the solid minerals and
agriculture sectors of the economy can contribute in a large proportion in
boosting Nigeria’s economy and serving as an alternative to oil products in the
country.

He noted
that the second quarter of 2017 report on trade goods as released by the NBS
recently suggest that crude oil is still heavily relied upon as the major
export and source of income to the country.

“The
composition of exports, in which crude oil has a disproportionate share, is
still indicative of an economy that is dependent on a single product which is
oil,” he said.

Uwaleke
added that agricultural products like ginger, soya beans, flour and meals have
been generating a huge amount of money for the country as such there is a need
for these products to be considered in large-scale production through funding
and providing loans to farmers that can produce it in large proportion.

The don also
revealed that the mineral sector can be developed to serve as an alternative
for oil. Exportable minerals like sapphire, granite, marble, lead-zinc, coal,
iron-ore among others are sold to some parts of the world but not in large
quantities, but it is important to expand the mining sector to full capacity
for a more profitable export base, he said.

He added
that now that the country is out of recession, the Gross Domestic Product (GDP)
has a positive of just 0.55 per cent and is basically driven by the oil sector
which makes the economy still unbalanced.

He said
inclusive growth is important to achieve a sustained economy which can only be
done when key factors like agriculture and solid minerals contribute significantly.

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